The PERE Credit 50

The PERE Credit 50, compiled by PEI Group’s in-house research and analytics team, ranks managers by the amount of capital raised from external investors for private credit strategies during the preceding five years. The 50 largest US-focused firms raised $164.73 billion for the five years ending in 2023.

The ranking complements similar research from our affiliate titles, PERE and Real Estate Capital Europe, which respectively look at the 50 biggest global managers and the 30 largest European firms. This year’s ranking expands the work done by PERE Credit’s predecessor publication, Real Estate Capital USA, which provided an annual ranking of the 40 largest US-focused real estate private credit managers


Rank Manager Headquarters Capital raised ($m)
1 PGIM Real Estate Newark 14,881
2 Affinius Capital San Antonio 7,884
3 Pretium Partners New York 7,775
4 Rialto Capital Management Miami 7,749
5 Kayne Anderson Capital Advisors Los Angeles 6,764
6 AllianceBernstein Nashville 6,401
7 Berkshire Residential Investments Boston 6,377
8 Bridge Investment Group Salt Lake City 6,150
9 ACORE Capital Larkspur, CA 6,060
10 Madison Realty Capital New York 5,897




Our R&A team counted the total amount of capital raised by managers from third-party investors for funds that held a final close between January 1, 2019, and December 31, 2023, as well as capital raised for funds that were actively fundraising at the end of the counting period for the purpose of issuing real estate debt in the US.

This ranking includes funds and mandates designed to lend or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

This ranking includes funds and mandates designed to lend or participate in syndicated loan deals – it does not include funds raised for the purpose of buying defaulted debt.

Our researchers gave the highest priority to information received from managers themselves. When managers confirm information, we seek to ‘trust but verify.’ To encourage co-operation, we do not disclose which GPs aided us on background and which did not. Where we lack information from managers, we seek to corroborate information using sources including company websites, announcements and limited partner disclosures.

Focus on the US

This ranking concerns real estate debt funds and mandates targeted toward the US. Where we can identify the allocation to the US within a multi-regional fund, the volume of that allocation is counted towards a manager’s total.


  • Limited partnerships
  • Co-investment/side car vehicles
  • Seed capital or manager commitment


  • Debt issuing funds
  • Participation in syndicated real estate loans
  • Expected capital commitments
  • Public funds
  • Funds of funds
  • Non-discretionary vehicles
  • Secondaries vehicles
  • Real estate equity funds (core, core plus, value-add, opportunistic)
  • Private equity funds
  • Infrastructure funds
  • Hedge funds
  • Capital raised from affiliated entities
  • Capital raised on a deal-by-deal basis
  • Real estate funds which acquire debt in order to obtain ownership of underlying assets


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